A lender mails the loan estimate on Monday 8 June rather than delivering it in person. Consummation is set for Friday 19 June.
Correct Answer
B) Receipt is presumed Thursday 11 June, 3 business days after the mailing
Where a disclosure is mailed, the consumer is presumed to have received it 3 business days later, which matters because the 7-business-day wait before consummation runs from receipt. Other choices: the next business day and the day of mailing both ignore the presumption; and 7 calendar days is neither the presumption nor the waiting period. See 12 CFR 1026.19(e)(1)(iv). Source: 12 CFR 1026.19(e)(1)(iv)
Why This Is the Correct Answer
Where a disclosure is mailed, the consumer is presumed to have received it 3 business days later, which matters because the 7-business-day wait before consummation runs from receipt. Other choices: the next business day and the day of mailing both ignore the presumption; and 7 calendar days is neither the presumption nor the waiting period. See 12 CFR 1026.19(e)(1)(iv). Source: 12 CFR 1026.19(e)(1)(iv)
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